How much can I give away before I go into nursing home?
I am in not in good health but still live at home . My question is,how much can I give away legally to reduce my assets in the event I have to go into a nursing home in the near future?
2 Answers from Attorneys
Re: How much can I give away before I go into nursing home?
Virtually nothing. You need to consult with an elder law attorney in Florida before taking any such action.
Re: How much can I give away before I go into nursing home?
If you are going to pay for your own nursing home stay, and not ask the government to do so, there is no limit. However, I get the impression that you desire to qualify for the nursing home institutional care program in which medicaid pays for your stay. In that case, there is a look back period of up 5 years. Any gifts made for less than full consideration during that time will affect your eligibility. Before making any such gifts you should seek advice from a local elder law attorney.
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